The financial future of Nigeria is being decided

During his election campaign, President Tinubu made regular references to the need to end corruption. Nigerians, ‘need to change’, he said, ‘change our mindset, kill corruption in our society.’ It is hard not to agree with the sentiment. Corruption is a scourge that must be exorcised if we are to realise our nation’s potential.

It would seem like fate, then, that the president has been provided with a perfect opportunity to stand against corruption as soon as he has taken office – overseeing the final phase in our country’s fight against Process & Industrial Developments (P&ID).

P&ID is demanding USD11.5 billion from the hard working people of Nigeria. That’s roughly USD53 from every man, woman, and child in the country, regardless of circumstances. It’s payment for a gas processing plant that was never built, constructed by workmen who were never employed, and operated on land that was never purchased. That’s USD11.5 billion too much. Any amount would be too much.

The battle between Nigeria and P&ID over this USD11.5 billion payment has taken over a decade to reach this point and attracted major international attention in the process. Earlier this year, Nigeria put its case before the High Court in London that the arbitral award granted to P&ID, which has swelled with interest, should be quashed. Nigeria’s lawyers made the case that the facts surrounding P&ID’s phantom gas processing plant reveal a deceitful plot to exploit Nigeria’s resources, ultimately undermining our nation’s economic stability.

But why was this case even being heard in London, thousands of miles away?

Unfortunately, the agreement signed between with P&ID obligated Nigeria to engage in arbitration proceedings held in London. While it may seem paradoxical that the economic fate of the nation is being decided abroad, the English court serves as the supervisory authority for the arbitration. Any claims that the case should be heard elsewhere lack legal basis. Even so, it is important to note that Nigeria has not abandoned its pursuit of justice at home. Many individuals involved in the scam are being pursued and will face justice, here, in Nigeria.

And why not settle the case? Surely settling would be preferable to paying out the full amount?

Calls for settlement, ostensibly to save Nigeria from a potentially larger payout, must be unequivocally rejected. Giving in to P&ID’s settlement demands would ignore the strength of Nigeria’s case and reward an organisation undeserving of any compensation. The government’s robust evidence of fraud has positioned Nigeria on the brink of a historic victory that could expose one of the country’s most audacious scams. Paying off P&ID now, with victory in sight, would send a message that fraudsters can deceive and bribe their way to profit, undermining Nigeria’s stance against corruption and fraud and damning future generations to predation.

As Nigeria’s legal counsel, Mark Howard KC, put it in closing before the High Court earlier this year, ‘These issues are too important to allow to be swept under the carpet through any form of settlement.’

A Nigerian victory at the High Court in London this year would have far-reaching and positive implications for the entire African continent. Predatory organisations like P&ID have long viewed Africa as an easy target for exploitation. A resounding win in this case would serve as a stark warning to these entities, signalling that our continent will no longer tolerate their exploitative practices. Moreover, it would provide President Tinubu’s government with a strong platform to combat corruption and ensure that the nation’s resources are utilised for the benefit of its people, rather than being plundered by foreign adventurers or unscrupulous insiders. Waiting in the wings are numerous other fraudsters like P&ID watching to see how they can capitalise on the precedent set in this case.  Whatever action is taken by the new government will be seized upon by other sham companies with similarly concocted disputes, opening the floodgates to further millions being sunk in unnecessary expense.

Nigeria’s battle against P&ID represents a pivotal moment in our quest for justice, sovereignty, and a fairer future. Rejecting settlement would stand as a strong and unexpected opening strike by President Tinubu’s administration, providing principled leadership that will benefit millions of ordinary citizens and confounding those who have exploited Nigeria throughout its 60 year history.